BURTC(600861) Minsheng Securities·2024-10-29 06:41Investment Rating - The report maintains a "Recommended" rating for Beijing Human Resources (600861.SH) [2][4] Core Views - The company reported a revenue of 33.179 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.46%. The net profit attributable to shareholders reached 641 million yuan, up 84.75% year-on-year, while the net profit excluding non-recurring items was 402 million yuan, an increase of 137.92% year-on-year [2] - In Q3 2024, the company achieved a revenue of 11.313 billion yuan, a year-on-year growth of 18.4%, with a net profit of 207 million yuan, up 52.2% year-on-year. The significant growth in net profit was attributed to business expansion, timing differences in government subsidies, and the impact of gains from equity disposals in the previous year [2] - The company has effectively controlled its fee rates, resulting in an improvement in net profit margin. For the first three quarters of 2024, the gross profit margin was 5.73%, with a net profit margin of 1.93%, an increase of 0.72 percentage points year-on-year [2] - The establishment of a wholly-owned subsidiary in Singapore aims to enhance overseas market presence and global competitiveness. Additionally, the acquisition of a 20% stake in Renliwo Network Technology (Shanghai) Co., Ltd. is expected to strengthen business collaboration and sustainable development capabilities [2] - Despite challenges in the recruitment industry since early 2023, the company continues to focus on its core human resources services, promoting the professional development of outsourcing services, and enhancing digital transformation efforts [2] Financial Summary - The projected revenues for 2024-2026 are 44.38 billion yuan, 52.87 billion yuan, and 63.57 billion yuan, respectively, with corresponding net profits of 837 million yuan, 968 million yuan, and 1.106 billion yuan [3][5] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 14X, 12X, and 10X, respectively, based on the closing price on October 28, 2024 [3][5]